/NOT FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
CALGARY, Oct. 2 /CNW/ - Silverwing Energy Inc., ("Silverwing" or the
"Corporation") (TSX:SVW) is pleased to announce that, at a meeting held on
September 26, 2007, the Listings Committee of the Toronto Stock Exchange
("TSX") has determined that the Corporation meets all requirements necessary
for continued listing of its securities on the TSX.
The Corporation also advises that it has terminated its Participation
Agreement with Argen Energy Corp. ("Argen") in respect of Argen's
participation in the Silverwing's Tomahawk Farmin project. The termination of
the Participation Agreement was a result of Argen's inability to fulfil its
Tomahawk Farmin financial commitments to Silverwing.
As a result of its recent financing activities, Silverwing currently has
the funding available to fully meet the drilling commitments under its
Tomahawk Farm-in Extension agreement with Canadian Natural Resources Ltd. and
Imperial Oil Limited, dated April 20th, 2007. Silverwing is currently in the
process of securing an alternative partner for the Tomahawk project. To date,
the Corporation has drilled 12 of the 22 wells that are required to be drilled
by December 31, 2007 under the agreement and is on track to complete its
commitments as planned.
The Tomahawk Farm-in provides Silverwing access to over 51,000 net acres
of undeveloped land in the Tomahawk area of central Alberta. The area is known
for its under-explored multi-zone oil and gas potential along with highly
prospective formations including a Nisku interior patch reef oil trend, a zone
which is of primary interest to Silverwing.
The Tomahawk Farm-in agreement with Canadian Natural Resources Ltd. and
Imperial Oil Limited requires that Silverwing drill 29 wells, including up to
7 Nisku wells in the initial earning phase, with an option to earn additional
land with additional drilling potential and commitments.
On April 20th, 2007, the Corporation revised its original agreement with
CNRL (the "Farmin Extension") to extend the deadline on the initial earning
phase of 22 wells to December 31, 2007 subject to its ability to reasonably
secure surface access and regulatory approval for each well. Silverwing does
not expect to get access and regulatory approvals to enable any of the Nisku
wells to be drilled by December 31, 2007.
On an individual well payout basis, the Corporation must pay 100% of the
costs to earn a 60% working interest in the leases after payout, with an
average earning of two additional sections per well.
The Tomahawk area provides Silverwing with a high impact exploration
program and the ultimate potential to achieve a balanced oil and gas
production portfolio and a stable revenue stream.
Silverwing Energy Inc. is a junior oil and gas exploration production
company based in Calgary. The Company commenced drilling and production
operations in 2003 and has subsequently established two core operating
regions: the northeastern British Columbia Prespatou fairway and the Tomahawk
area of central Alberta.
Certain statements contained in this document are "forward-looking
statements". The projections, estimates and beliefs contained in such
forward-looking statements involve known and unknown risks, uncertainties and
other factors which may cause actual results or events to differ materially
from those anticipated in any forward-looking statements. Silverwing believes
the expectations reflected in those forward-looking statements are reasonable;
however Silverwing cannot provide any assurance that these expectations will
prove to be correct.
The TSX has not reviewed and does not accept responsibility for the
adequacy or accuracy of this news release.
For further information:
For further information: Silverwing Energy Inc.: Oleh Wowkodaw,
President and Chief Executive Officer, (403) 538-5597, (403) 263-5549 (FAX),
Email: firstname.lastname@example.org; or Silverwing Energy Inc.: Terry O'Connor,
Senior Vice President, Business Development, (403) 538-5593, (403) 263-5549
(FAX), Email: email@example.com; or Silverwing Energy Inc.: Martin
Rude, Vice President, Finance and Chief Financial Officer, (403) 538-5591,
(403) 263-5549 (FAX), Email: firstname.lastname@example.org